Margaritaville Beach Resort Hollywood Beach
The luxurious, 369-room Margaritaville Beach Resort Hollywood Beach opened for business in October 2015 on a five-acre City-owned site between Johnson and Michigan streets at 1111 N. Ocean Drive in Hollywood, Florida. The resort includes a 1056 space parking garage with 600 public parking spaces, 30,000SF convention and ballroom space, retail stores, restaurants, a full-service spa and fitness center, a dual lane wave rider, expansive pool deck and other amenities. The Landshark Bar and Grill overlooks the Beach Broadwalk and Theatre, while the 5 O'Clock Somewhere Bar on the Intracoastal Waterway features dock space for boat access. The Hollywood resort is one of 27 Margaritaville hotels and resorts worldwide, and one of 14 currently open in the U.S.
The project was designed to be a Leadership in Energy and Environmental Design (LEED) Silver resort, a new boat dock with eco-tours along the Intracoastal, and more entertainment and outdoor seating at the beach theatre.
Construction on the project, located on City-owned land leased by the development group, began in July 2013 and was completed in October 2015. The project received final approval from the City Commission (which also serves as the CRA Board) at a special joint meeting held on May 29, 2013. During this meeting, the Commission approved an Amended and Restated Ground Lease and an Amended and Restated CRA Compensated Funding Agreement that included the addition of the investment group, Starwood Capital into the project.
The resort was sold in April 2018 to KSL Capital Partners, a Denver-based firm that invests in hotels and resorts, clubs, fitness, family entertainment, skiing and resort real estate.
Bethesda, Maryland-based Pebblebrook Hotel Trust (NYSE: PEB) announced on June 23, 2021 that it has executed a contract with KSL to acquire the resort for $270.0 million. This represents the highest price paid for a hotel property in South Florida in 2021 to date, with a 42.1% rise in value in just over three years. The acquisition was funded with approximately $108.5 million of cash on hand, and assumed the $161.5 million of existing non-recourse, secured debt. The property was acquired on September 23, 2021, read the News Release. Learn more about Pebblebrook Hotel Trust.
Presentations & Videos
- May 30, 2018 - City Commission Margaritaville Workshop
- May 29, 2013 - Special Joint Meeting of City Commission/CRA Board
- April 3, 2013 - Margaritaville Update for the Hollywood City Commission
- September 5, 2012 - Special Joint Meeting of City Commission/CRA Board
- July 3, 2012 - Margaritaville Update for Hollywood City Commission - PowerPoint
- Amended and Restated Development Agreement and Ground Lease
- Current Agreement for Beach Services
- Original Agreement for Beach Services
- License Agreement - Johnson Street Parcel
- License Agreement - Intracoastal Parcel
- Amended and Restated CRA Compensated Funding Agreement
- CRA Funding Agreement (for public space improvements)
- Developer Compliance With Pre-Possession Requirements
- ii - Ordinance No. 0-2011-21
- iii - Resolution No. R-2010-363
- iii- Resolution No. R-2010-364
- iii - Resolution No. R-2011-246
- iv - State of Florida Issued Permits
- v - Construction Agreement
- vi - Performance Bond
- vi - Payment Bond
- vii - Developer Equity Commitment
- vii - Amended and Restated Compensated Funding Agreement
- vii - CRA Funding Agreement
- vii - Final Judgement
- viii - Check Deposit
- ix - Certification by Broker
Related News Articles
- The Miami Herald, Wednesday, April 3, 2013 - Hollywood Agrees to Margaritaville Extension
- The Miami Herald, August 31, 2012 - Hollywood's Margaritaville Project Gets New Funding Source
- South Florida Sun Sentinel, Oct. 5, 2011 - Margaritaville Resort Brings Optimism to Hollywood Beach